This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS standards effective in 2018 and beyond | Deloitte CFR

IFRS

IFRS standards effective in 2018. Ensure that you communicate their impact to your stakeholders!

Title Description Effective Date
IAS 1 — Presentation of Financial Statements IAS 1 "Presentation of Financial Statements" sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. IAS 1 has been re­vised to in­cor­po­rate a new definition of “material” and IAS 8 has been revised to refer to this new definition in IAS 1. The amendments are effective for annual reporting periods beginning on or after January 1, 2020. Earlier application is permitted.
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis. The amendment is effective for annual reporting periods beginning on or after January 1, 2020. Earlier application is permitted.
IAS 11 — Construction Contracts IAS 11 "Construction Contracts" provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed. Contract revenues and expenses are recognized by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognized only to the extent of recoverable contract costs incurred. IAS 11 will be superseded by IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IAS 12 — Income Taxes IAS 12, "Income Taxes" implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognizes both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognized, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a 'probable profits' test. First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. The amendments are effective for annual periods beginning on or after January 1, 2017. Earlier application is permitted.
IAS 17 — Leases IAS 17 "Leases" prescribes the accounting policies and disclosures applicable to leases, both for lessees and lessors. Leases are required to be classified as either finance leases (which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the asset remaining recognized by the lessor). IAS 17 has been superseded by IFRS 16 and will be withdrawn. IFRS 16 is expected to be released in Q2 2016.
IAS 18 — Revenue IAS 18 outlines the accounting requirements for when to recognise revenue from the sale of goods, rendering of services and for interest, royalties and dividends. Revenue is measured at the fair value of the consideration received or receivable and recognised when prescribed conditions are met, which depend on the nature of the revenue. IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995. IAS 18 will be superseded by IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IAS 19 — Employee Benefits (2011) IAS 19 "Employee Benefits" (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits. The standard establishes the principle that the cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable, and outlines how each category of employee benefits are measured, providing detailed guidance in particular about post-employment benefits. The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 23 — Borrowing Costs IAS 23 "Borrowing Costs" requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as an expense. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 28 — Investments in Associates and Joint Ventures (2011) IAS 28 "Investments in Associates and Joint Ventures" (as amended in 2011) outlines how to apply, with certain limited exceptions, the equity method to investments in associates and joint ventures. The standard also defines an associate by reference to the concept of "significant influence", which requires power to participate in financial and operating policy decisions of an investee (but not joint control or control of those polices). The amendments are effective on January 1, 2018
IAS 39 — Financial Instruments: Recognition and Measurement IAS 39 "Financial Instruments: Recognition and Measurement" outlines the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items. Financial instruments are initially recognized when an entity becomes a party to the contractual provisions of the instrument, and are classified into various categories depending upon the type of instrument, which then determines the subsequent measurement of the instrument (typically amortized cost or fair value). Special rules apply to embedded derivatives and hedging instruments. The final version of IFRS 9 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IAS 40 — Investment Property IAS 40 "Investment Property" applies to the accounting for property (land and/or buildings) held to earn rentals or for capital appreciation (or both). Investment properties are initially measured at cost and, with some exceptions may be subsequently measured using a cost model or fair value model, with changes in the fair value under the fair value model being recognized in profit or loss. The amendments are effective for annual periods beginning on or after July 1, 2014. Earlier application is permitted.
IASB Conceptual Framework for Financial Reporting The Conceptual Framework for Financial Reporting describes the objective of and concepts for general purpose financial reporting. The IASB’s revised Conceptual Framework does not have a stated effective date and the IASB will start using it immediately from its date of issue on March 29, 2018.
IFRIC 13 — Customer Loyalty Programs IFRIC 13 addresses accounting by entities that grant loyalty award credits (such as "points" or travel miles) to customers who buy other goods or services. Specifically, it explains how such entities should account for their obligations to provide free or discounted goods or services ("awards") to customers who redeem award credits. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRIC 15 — Agreements for the Construction of Real Estate IFRIC 15 standardizes accounting practice across jurisdictions for the recognition of revenue by real estate developers for sales of units, such as apartments or houses, "off plan" – that is, before construction is complete. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRIC 18 — Transfers of Assets from Customers IFRIC 18 clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant, and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both). IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRIC 22 — Foreign Currency Transactions and Advance Consideration The interpretation addresses foreign currency transactions or parts of transactions where: (i) there is consideration that is denominated or priced in a foreign currency; (ii) the entity recognizes a prepayment asset or a deferred income liability in respect of that consideration, in advance of the recognition of the related asset, expense or income; and (iii) the prepayment asset or deferred income liability is non-monetary. Effective January 1, 2018, earlier application is permitted.
IFRIC 23 — Uncertainty over Income Tax Treatments The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. Effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted.
IFRS 1 — First-time Adoption of International Financial Reporting Standards IFRS 1 "First-time Adoption of International Financial Reporting Standards" sets out the procedures that an entity must follow when it adopts IFRS for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. The amendments are effective on January 1, 2018.
IFRS 2 — Share-based Payment IFRS 2 "Share-based Payment" requires an entity to recognize share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity. Specific requirements are included for equity-settled and cash-settled share-based payment transactions, as well as those where the entity or supplier has a choice of cash or equity instruments. The standards is effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. The amendments to the standard are effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRS 3 — Business Combinations IFRS 3 "Business Combinations" outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Earlier application is permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.